This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can e...This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can enhance the efficiency of bank data processing,enrich data types,and strengthen data analysis and application capabilities.In response to future development needs,it is necessary to strengthen data collection management,enhance data processing capabilities,innovate big data application models,and provide references for bank big data practices,promoting the transformation and upgrading of the banking industry in the context of legal digital currencies.展开更多
This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Can...This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.展开更多
BACKGROUND The recent rise in the incidence of hepatitis B virus(HBV)infections in a densely populated city of eastern India(“mixing vessel”of people of varied socioeconomic and immune status)prompted this study.App...BACKGROUND The recent rise in the incidence of hepatitis B virus(HBV)infections in a densely populated city of eastern India(“mixing vessel”of people of varied socioeconomic and immune status)prompted this study.Applying saliva on fingers for enumerating bank notes is a common practice in the Indian subcontinent.Paper notes may be a potential source of“horizontal”transmission of this virus,especially if there are cuts/bruises on the oral mucous membrane or skin.AIM To investigate whether paper currencies could be a plausible mode of horizontal transmission of HBV infection.METHODS Polymerase chain reactions(PCR)followed by nucleotide sequencing was done for the detection of HBV.Hepatitis B virus surface antigen enzyme-linked immunosorbent assay(HBsAg ELISA)was performed on all HBV deoxyribonucleic acid-positive samples to check the detectability of the virus.Atomic force microscopy(AFM)was carried out for visual confirmation of HBV particles in ultracentrifuged/immunoprecipitated samples from currency paper washings.RESULTS HBV-specific PCRs on pellets obtained after ultracentrifugation/immunoprecipitation of the currency paper washings detected potentially intact/viable HBV(genotype D2)in 7.14%of samples(n=70).AFM gave the visual confirmation of HBV particles in ultracentrifuged/immunoprecipitated samples from currency paper washings.However,HBV isolates from the currency notes could not be detected by HBsAg ELISA.CONCLUSION It is a common practice in the Indian subcontinent to count paper currencies by applying saliva on fingertips.Paper notes may be a potential source of“horizontal”transmission of this virus,especially if there are cuts/bruises on the oral mucous membrane or skin,but it was practically not possible to demonstrate experimentally such transmission.Detection of potentially intact/viable and“occult”HBV from currency poses potential risk of silent transmission of this virus among the general population.展开更多
This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal t...This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.展开更多
The earliest paper currencies in existence in China were handcrafted during the Yuan dynasty.These currencies were scientifically excavated from different ruins or tombs,whereas scientific analyses of the papers are r...The earliest paper currencies in existence in China were handcrafted during the Yuan dynasty.These currencies were scientifically excavated from different ruins or tombs,whereas scientific analyses of the papers are rare.This study used optical and scanning electron microscopy to examine the fibers collected in Yuan dynasty paper currencies in conjunction with the Herzberg staining method.Despite differences in circulation period,paper fibers in both Zhi Yuan Tong Xing Bao Chao(two Guan)and Zhong Tong Yuan Bao Jiao Chao(one Guan and 500 Wen,issued in Zhi Zheng period)were identified as similar papermaking materials,bast fibers of mulberry bark.The results indicate that mulberry bark,a durable papermaking material used since ancient times,was mainly utilized as a raw material in these Yuan dynasty paper currency.This fiber identification work solved the critical problem of papermaking material in the Yuan dynasty paper currency and provided important information for conserving these precious cultural relics.展开更多
Central bank digital currency(CBDC)is a groundbreaking innovation that provides a digital currency issued by the state to replace cash and commercial bank deposits,and is gradually changing the operating mode of the t...Central bank digital currency(CBDC)is a groundbreaking innovation that provides a digital currency issued by the state to replace cash and commercial bank deposits,and is gradually changing the operating mode of the traditional financial system.This paper explores the disruptive impact of CBDC on financial institutions,monetary policy and payment systems through theoretical analysis and empirical data.The study pointed out that CBDC has the potential to improve financial inclusion,reduce transaction costs and enhance the efficiency of monetary policy transmission.However,the challenges it has caused,such as financial disintermediation,systemic risks and privacy issues,urgently need to establish a strong regulatory framework to address them.Through data-driven insights and case studies,this paper provides a comprehensive perspective on how to find a balance between innovation and financial stability.展开更多
Economists have put forward various proposals to deal with the growing risks of the global reserve currency system. In this paper we recommend that Asian economies hold each other＇s currencies as part of their foreig...Economists have put forward various proposals to deal with the growing risks of the global reserve currency system. In this paper we recommend that Asian economies hold each other＇s currencies as part of their foreign reserves. Different from crisis-fighting currency swap arrangements or crisis-rescuing fund mechanisms, this mechanism means that reserves wouM be held, with a regular arrangement in place and on an ongoing basis. We propose that the global reserve system shouM be pushed in the direction of diversification, which could be a transitional step toward a new single reserve system. This mechanism would not necessitate any currency being a globally accepted reserve currency but would mean that every currency carried some weight in the reserve system. Establishment of such a system would require significant development of regional bond markets and facilitation of macroeconomic surveillance among the economies.展开更多
Central Bank Digital Currencies (CBDCs) may offer transformativeopportunities for tax policy and administration, particularly if features like program-mability and enhanced transparency are implemented. Automating fis...Central Bank Digital Currencies (CBDCs) may offer transformativeopportunities for tax policy and administration, particularly if features like program-mability and enhanced transparency are implemented. Automating fiscal transferscould streamline government payments and reduce administrative burdens, whileprogrammable tax enforcement could simplify compliance and recovery processes.Limited privacy capabilities may help address tax evasion and llicit financial flowsby creating a transparent and traceable audit trail. However, implementing CBDCsinvolves balancing these benefits with challenges such as privacy protection anddata security. Wide adoption requires a secure and trusted digital currency system that safeguards personal and financial information, preventing unauthorized access and cyberat-tacks. Additionally, CBDCS present risks like disintermediation and“digital dollarization”, whichrequires careful design to mitigate. Cross-border use of CBDCS could reduce transaction costsand promote economic integration among Belt and Road Initiative (BRI) jurisdictions, but coordi-nation on standards is essential to prevent regulatory competition. CBDCs have the potential toreshape financial and tax systems, being thus important to explore their design and governance.展开更多
This paper studies the ongoing diffusion of renminbi (RMB) trading across the globe, the first of such research of an international currency. It analyses the distribution in offshore RMB trading in 2013 and 2016 using...This paper studies the ongoing diffusion of renminbi (RMB) trading across the globe, the first of such research of an international currency. It analyses the distribution in offshore RMB trading in 2013 and 2016 using comprehensive data from the Triennial Central Bank Survey of foreign exchange markets. In 2013, Asian centers favored by the policy of RMB internationalization had disproportionate shares in global RMB trading. Over the following three years, RMB trading seemed to converge to the spatial pattern of all currencies, with a half-life of seven to eight years. The previously most traded emerging market currency, the Mexican peso, shows a similar pattern, although it is converging to the global norm more slowly. Three other emerging market currencies show a qualitatively similar evolution in the geography of their offshore trading. Overall, the RMB's internationalization is tracing an arc from the influence of administrative measures to the working of market forces.展开更多
This paper constructs an RMB/USD exchange rate index and a basket currency exchange rate index. The correlation maximization of the RMB/USD and the basket currency index may determine the weight and quantity of the ba...This paper constructs an RMB/USD exchange rate index and a basket currency exchange rate index. The correlation maximization of the RMB/USD and the basket currency index may determine the weight and quantity of the basket currency. The currency basket indicates that the weight of the USD is highest, whereas that of the GB Pound is the lowest. Our currency basket has a high linear dependence on that of the central bank. We found that the RMB/USD and currency basket indices have a long-term co-integration relationship according to the optimal currency weights. The results of the error-correcting model manifest as the RMB/USD exchange rate deviates from the long-term equilibrium level, wherein 76.3% will be corrected. This paper checks the prediction capacity, which indicates the good fit of the model. By using the Granger causality test the findings show that the People＇s Bank of China adjusts the RMB/USD exchange rate with reference to the currency basket.展开更多
The use of an intemational currency is not just a natural market phenomenon;it relies heavily on international political foundations.The historical lessons of the four major international currencies--the pound,dollar,...The use of an intemational currency is not just a natural market phenomenon;it relies heavily on international political foundations.The historical lessons of the four major international currencies--the pound,dollar,euro and yen--show that a strong partner network and a favorable international institutional environment are the two major political foundations for the formation of a stable international currency.The rise of the renminbi,as a late starter looking to become a major international currency,depends not only on the requisite economic conditions but on governmental diplomacy aimed at attracting more monetary cooperation partners and creating international institutions that support its worldwide use.This strategy reinforces the political foundations for the rise of the renminbi.Building a network of partners supporting the renminbi as an international currency and creating a system of international monetary institutions are the real tests of the issuing country's political leadership.This political leadership capacity has three dimensions:public trust founded on reputation building;a centripetal force driven by provision of benefits;and coercive force applied through sanctions.Comparatively speaking,the renminbi is still in the early stage of its ascent,so the development of its political infrastructure should concentrate mainly on gaining public trust through reputation-building and employing centripetal force involving provision of benefits.展开更多
Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currenc...Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currency exchange.However,the rise of social media may have changed the source of information.For instance,tweets can help investors make informed decisions about the foreign exchange(FX)market by reflecting market sentiment and opinion.From another aspect,changes in currency exchange may incite agents to post tweets.Are tweets good predictors of currency exchange?Is the relationship between tweets and currency exchange bidirectional?We investigate the comovement/causality between the number of#dolar(“enflasyon”resp.)tweets and USDTRY currency exchange using wavelet coherence and transfer entropy(TE)to answer these questions.Wavelet coherence allows us to determine the relationship between the number of tweets and the USDTRY rate by considering the time–frequency domain.TE enables us to quantify the net information flow between the number of tweets and USDTRY.Data from October 2020 to March 2022 were used.The obtained results remain robust regardless of the frequency of retained data(daily or hourly)and the methods used(wavelet or TE).Based on our results,USDTRY is correlated with the number of#dolar tweets(#inflation)mainly in the short run and a few times in the medium run.These relationships change through time and frequency(wavelet analysis results).However,the results from TE indicate a bidirectional relationship between the#dolar(#inflation)tweets number and the USDTRY exchange rate.The influence of the exchange rate on the number of tweets is highly pronounced.Financial agents,risk managers,policymakers,and investors should then pay moderate attention to the number of#dolar(#inflation)tweets in trading/forecasting the USD–TRY exchange rate.展开更多
In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This s...In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This system restores the essential characteristics of currency while providing auxiliary services related to the formation,circulation,storage,application,and promotion of digital currency.Compared to traditional currency management technologies,big data analysis technology,which is primarily embedded in digital currency systems,enables the rapid acquisition of information.This facilitates the identification of standard associations within currency data and provides technical support for the operational framework of digital currency.展开更多
The introduction of the digital renminbi(eCNY)by the People’s Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domest...The introduction of the digital renminbi(eCNY)by the People’s Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domestic market.Among the pioneering digital currencies,the eCNY is at the forefront of technological research and development,pilot implementation,and the establishment of a robust system.Thus,employing the unified theory of acceptance and use of technology,this study aims to explore the factors shaping the adoption of the eCNY and to determine the mediating effects of intention toward the eCNY and the moderating role of age and gender among various relationships.A cross-sectional survey methodology was deployed to collect data from pilot communities situated within the Yangtze River Delta,Pearl River Delta,and Beijing–Tianjin–Hebei regions.The empirical analysis comprised 809 valid online questionnaires,and the examination was conducted through structural equation modeling employing the partial least squares technique,ultimately subjecting the conceptual model to a comprehensive assessment.The results for intention to use the eCNY indicate that performance expectancy,effort expectancy,social influence,and perceived government policy have significant effects.Facilitating conditions and intentions toward the eCNY positively influenced its actual use.According to the findings of this study,age and sex did not moderate the effect of each hypothesis on the intention to use in the research model.This study breaks new ground by investigating the adoption of the eCNY,a novel form of currency,highlighting its multifaceted nature and providing empirical evidence for a comprehensive model encompassing psychological,social,and contextual factors.This study employs social surveys to identify obstacles in the process of promoting the widespread adoption of the eCNY and offers suggestions to the central bank and government to increase user enthusiasm and decrease user perceptions of risk,thereby promoting its widespread adoption.展开更多
1.Central Bank Digital Currencies and the Global Financial System Ashfaq,M.,Mercon,J.,&Hasan,R.(2023).De Gruyter.2.Central Bank Ratings Ramlall,I.(2023).Palgrave Macmillan.3.Climate Change Adaptation and Green Fin...1.Central Bank Digital Currencies and the Global Financial System Ashfaq,M.,Mercon,J.,&Hasan,R.(2023).De Gruyter.2.Central Bank Ratings Ramlall,I.(2023).Palgrave Macmillan.3.Climate Change Adaptation and Green Finance Arruda,G.,&Johannsdottir,L.(2023).Routledge.展开更多
This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebo...This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.展开更多
Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve ...Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve confidentiality all thefiles contained cannot be changed.Blockchain technology is the fundamental software behind digital currencies like Bitcoin,which is common in the marketplace.Cloud computing is a method of using a network of external machines to store,monitor,and process information,rather than using the local computer or a local personal computer.The software is currently facing multiple problems including lack of data protection,data instability,and reliability.This paper aims to give the highest security for multiple user environments in cloud for storing and accessing the data in blocks.The users who are legitimate are only allowed for storing and accessing the data as like a secured block chain approach.As like the Blockchain which does not require a centralized system for transactions,the proposed system is also independent on centralized network interface.The decentralized system is developed in such a way to avoid counterfeiting.The system enables the fabricator to spend less or null resources to perform the validations for its direct operated stores.This ensures the product fabricator to avoid the circulation of its duplicate products.The customer as an end-user is also ensured to have only the genuine products from the fabricator.The Fabricator(F),Merchant(M)and consumer(C)forms an interconnected triangular structure without allowing any counterfeiting agents in their secured cloud chain.The pro-posed approach provides the stability in the security system of the cloud using the chaining mechanism within different blocks at each node.It takes roughly 4.7,6.2,and 7.5 ms,respectively,to register each node in the proposed system for 5,10,and 15 nodes.The overall registration time for each scenario is 11.9,26.2,and 53.1 ms,despite the fact that each node’s registration time was greatest for 10 nodes.By looking at the data,it’s clear that the number of nodes is a func-tion of time.展开更多
文摘This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can enhance the efficiency of bank data processing,enrich data types,and strengthen data analysis and application capabilities.In response to future development needs,it is necessary to strengthen data collection management,enhance data processing capabilities,innovate big data application models,and provide references for bank big data practices,promoting the transformation and upgrading of the banking industry in the context of legal digital currencies.
文摘This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.
基金Supported by Institutional Grant by Council of Scientific and Industrial Research-Indian Institute of Chemical Biology,Kolkata,No.MLP-118。
文摘BACKGROUND The recent rise in the incidence of hepatitis B virus(HBV)infections in a densely populated city of eastern India(“mixing vessel”of people of varied socioeconomic and immune status)prompted this study.Applying saliva on fingers for enumerating bank notes is a common practice in the Indian subcontinent.Paper notes may be a potential source of“horizontal”transmission of this virus,especially if there are cuts/bruises on the oral mucous membrane or skin.AIM To investigate whether paper currencies could be a plausible mode of horizontal transmission of HBV infection.METHODS Polymerase chain reactions(PCR)followed by nucleotide sequencing was done for the detection of HBV.Hepatitis B virus surface antigen enzyme-linked immunosorbent assay(HBsAg ELISA)was performed on all HBV deoxyribonucleic acid-positive samples to check the detectability of the virus.Atomic force microscopy(AFM)was carried out for visual confirmation of HBV particles in ultracentrifuged/immunoprecipitated samples from currency paper washings.RESULTS HBV-specific PCRs on pellets obtained after ultracentrifugation/immunoprecipitation of the currency paper washings detected potentially intact/viable HBV(genotype D2)in 7.14%of samples(n=70).AFM gave the visual confirmation of HBV particles in ultracentrifuged/immunoprecipitated samples from currency paper washings.However,HBV isolates from the currency notes could not be detected by HBsAg ELISA.CONCLUSION It is a common practice in the Indian subcontinent to count paper currencies by applying saliva on fingertips.Paper notes may be a potential source of“horizontal”transmission of this virus,especially if there are cuts/bruises on the oral mucous membrane or skin,but it was practically not possible to demonstrate experimentally such transmission.Detection of potentially intact/viable and“occult”HBV from currency poses potential risk of silent transmission of this virus among the general population.
基金supported by FCT,I.P,the Portuguese national funding agency for science,research and technology under the Project UIDB/04521/2020.
文摘This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.
文摘The earliest paper currencies in existence in China were handcrafted during the Yuan dynasty.These currencies were scientifically excavated from different ruins or tombs,whereas scientific analyses of the papers are rare.This study used optical and scanning electron microscopy to examine the fibers collected in Yuan dynasty paper currencies in conjunction with the Herzberg staining method.Despite differences in circulation period,paper fibers in both Zhi Yuan Tong Xing Bao Chao(two Guan)and Zhong Tong Yuan Bao Jiao Chao(one Guan and 500 Wen,issued in Zhi Zheng period)were identified as similar papermaking materials,bast fibers of mulberry bark.The results indicate that mulberry bark,a durable papermaking material used since ancient times,was mainly utilized as a raw material in these Yuan dynasty paper currency.This fiber identification work solved the critical problem of papermaking material in the Yuan dynasty paper currency and provided important information for conserving these precious cultural relics.
文摘Central bank digital currency(CBDC)is a groundbreaking innovation that provides a digital currency issued by the state to replace cash and commercial bank deposits,and is gradually changing the operating mode of the traditional financial system.This paper explores the disruptive impact of CBDC on financial institutions,monetary policy and payment systems through theoretical analysis and empirical data.The study pointed out that CBDC has the potential to improve financial inclusion,reduce transaction costs and enhance the efficiency of monetary policy transmission.However,the challenges it has caused,such as financial disintermediation,systemic risks and privacy issues,urgently need to establish a strong regulatory framework to address them.Through data-driven insights and case studies,this paper provides a comprehensive perspective on how to find a balance between innovation and financial stability.
文摘Economists have put forward various proposals to deal with the growing risks of the global reserve currency system. In this paper we recommend that Asian economies hold each other＇s currencies as part of their foreign reserves. Different from crisis-fighting currency swap arrangements or crisis-rescuing fund mechanisms, this mechanism means that reserves wouM be held, with a regular arrangement in place and on an ongoing basis. We propose that the global reserve system shouM be pushed in the direction of diversification, which could be a transitional step toward a new single reserve system. This mechanism would not necessitate any currency being a globally accepted reserve currency but would mean that every currency carried some weight in the reserve system. Establishment of such a system would require significant development of regional bond markets and facilitation of macroeconomic surveillance among the economies.
文摘Central Bank Digital Currencies (CBDCs) may offer transformativeopportunities for tax policy and administration, particularly if features like program-mability and enhanced transparency are implemented. Automating fiscal transferscould streamline government payments and reduce administrative burdens, whileprogrammable tax enforcement could simplify compliance and recovery processes.Limited privacy capabilities may help address tax evasion and llicit financial flowsby creating a transparent and traceable audit trail. However, implementing CBDCsinvolves balancing these benefits with challenges such as privacy protection anddata security. Wide adoption requires a secure and trusted digital currency system that safeguards personal and financial information, preventing unauthorized access and cyberat-tacks. Additionally, CBDCS present risks like disintermediation and“digital dollarization”, whichrequires careful design to mitigate. Cross-border use of CBDCS could reduce transaction costsand promote economic integration among Belt and Road Initiative (BRI) jurisdictions, but coordi-nation on standards is essential to prevent regulatory competition. CBDCs have the potential toreshape financial and tax systems, being thus important to explore their design and governance.
文摘This paper studies the ongoing diffusion of renminbi (RMB) trading across the globe, the first of such research of an international currency. It analyses the distribution in offshore RMB trading in 2013 and 2016 using comprehensive data from the Triennial Central Bank Survey of foreign exchange markets. In 2013, Asian centers favored by the policy of RMB internationalization had disproportionate shares in global RMB trading. Over the following three years, RMB trading seemed to converge to the spatial pattern of all currencies, with a half-life of seven to eight years. The previously most traded emerging market currency, the Mexican peso, shows a similar pattern, although it is converging to the global norm more slowly. Three other emerging market currencies show a qualitatively similar evolution in the geography of their offshore trading. Overall, the RMB's internationalization is tracing an arc from the influence of administrative measures to the working of market forces.
基金The author would like to thank the research support from the National Nature Science Foundation of China （70673011, 71173042） and the National Social Science Fund Major Projects （11＆ZD018）, Later Grants from the Chinese Ministry of Education （12JHQ030） and Research and Innovation Projects of the Shanghai Municipal Committee of Education （13ZS010）. The author is deeply indebted to Professor Thomas C. Chiang for his advice and useful help in the completion of this paper, and also acknowledges the comments and suggestions of two anonymous referees. Any remaining errors are my own responsibility.
文摘This paper constructs an RMB/USD exchange rate index and a basket currency exchange rate index. The correlation maximization of the RMB/USD and the basket currency index may determine the weight and quantity of the basket currency. The currency basket indicates that the weight of the USD is highest, whereas that of the GB Pound is the lowest. Our currency basket has a high linear dependence on that of the central bank. We found that the RMB/USD and currency basket indices have a long-term co-integration relationship according to the optimal currency weights. The results of the error-correcting model manifest as the RMB/USD exchange rate deviates from the long-term equilibrium level, wherein 76.3% will be corrected. This paper checks the prediction capacity, which indicates the good fit of the model. By using the Granger causality test the findings show that the People＇s Bank of China adjusts the RMB/USD exchange rate with reference to the currency basket.
文摘The use of an intemational currency is not just a natural market phenomenon;it relies heavily on international political foundations.The historical lessons of the four major international currencies--the pound,dollar,euro and yen--show that a strong partner network and a favorable international institutional environment are the two major political foundations for the formation of a stable international currency.The rise of the renminbi,as a late starter looking to become a major international currency,depends not only on the requisite economic conditions but on governmental diplomacy aimed at attracting more monetary cooperation partners and creating international institutions that support its worldwide use.This strategy reinforces the political foundations for the rise of the renminbi.Building a network of partners supporting the renminbi as an international currency and creating a system of international monetary institutions are the real tests of the issuing country's political leadership.This political leadership capacity has three dimensions:public trust founded on reputation building;a centripetal force driven by provision of benefits;and coercive force applied through sanctions.Comparatively speaking,the renminbi is still in the early stage of its ascent,so the development of its political infrastructure should concentrate mainly on gaining public trust through reputation-building and employing centripetal force involving provision of benefits.
文摘Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currency exchange.However,the rise of social media may have changed the source of information.For instance,tweets can help investors make informed decisions about the foreign exchange(FX)market by reflecting market sentiment and opinion.From another aspect,changes in currency exchange may incite agents to post tweets.Are tweets good predictors of currency exchange?Is the relationship between tweets and currency exchange bidirectional?We investigate the comovement/causality between the number of#dolar(“enflasyon”resp.)tweets and USDTRY currency exchange using wavelet coherence and transfer entropy(TE)to answer these questions.Wavelet coherence allows us to determine the relationship between the number of tweets and the USDTRY rate by considering the time–frequency domain.TE enables us to quantify the net information flow between the number of tweets and USDTRY.Data from October 2020 to March 2022 were used.The obtained results remain robust regardless of the frequency of retained data(daily or hourly)and the methods used(wavelet or TE).Based on our results,USDTRY is correlated with the number of#dolar tweets(#inflation)mainly in the short run and a few times in the medium run.These relationships change through time and frequency(wavelet analysis results).However,the results from TE indicate a bidirectional relationship between the#dolar(#inflation)tweets number and the USDTRY exchange rate.The influence of the exchange rate on the number of tweets is highly pronounced.Financial agents,risk managers,policymakers,and investors should then pay moderate attention to the number of#dolar(#inflation)tweets in trading/forecasting the USD–TRY exchange rate.
文摘In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This system restores the essential characteristics of currency while providing auxiliary services related to the formation,circulation,storage,application,and promotion of digital currency.Compared to traditional currency management technologies,big data analysis technology,which is primarily embedded in digital currency systems,enables the rapid acquisition of information.This facilitates the identification of standard associations within currency data and provides technical support for the operational framework of digital currency.
基金funded by Jiangsu Education Department(Ref.No.2022SJYB0750).
文摘The introduction of the digital renminbi(eCNY)by the People’s Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domestic market.Among the pioneering digital currencies,the eCNY is at the forefront of technological research and development,pilot implementation,and the establishment of a robust system.Thus,employing the unified theory of acceptance and use of technology,this study aims to explore the factors shaping the adoption of the eCNY and to determine the mediating effects of intention toward the eCNY and the moderating role of age and gender among various relationships.A cross-sectional survey methodology was deployed to collect data from pilot communities situated within the Yangtze River Delta,Pearl River Delta,and Beijing–Tianjin–Hebei regions.The empirical analysis comprised 809 valid online questionnaires,and the examination was conducted through structural equation modeling employing the partial least squares technique,ultimately subjecting the conceptual model to a comprehensive assessment.The results for intention to use the eCNY indicate that performance expectancy,effort expectancy,social influence,and perceived government policy have significant effects.Facilitating conditions and intentions toward the eCNY positively influenced its actual use.According to the findings of this study,age and sex did not moderate the effect of each hypothesis on the intention to use in the research model.This study breaks new ground by investigating the adoption of the eCNY,a novel form of currency,highlighting its multifaceted nature and providing empirical evidence for a comprehensive model encompassing psychological,social,and contextual factors.This study employs social surveys to identify obstacles in the process of promoting the widespread adoption of the eCNY and offers suggestions to the central bank and government to increase user enthusiasm and decrease user perceptions of risk,thereby promoting its widespread adoption.
文摘1.Central Bank Digital Currencies and the Global Financial System Ashfaq,M.,Mercon,J.,&Hasan,R.(2023).De Gruyter.2.Central Bank Ratings Ramlall,I.(2023).Palgrave Macmillan.3.Climate Change Adaptation and Green Finance Arruda,G.,&Johannsdottir,L.(2023).Routledge.
文摘This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.
文摘Blockchain technology is a shared database of logs of all consumer transactions which are registered on all machines on a network.Both transactions in the system are carried out by consensus processes and to preserve confidentiality all thefiles contained cannot be changed.Blockchain technology is the fundamental software behind digital currencies like Bitcoin,which is common in the marketplace.Cloud computing is a method of using a network of external machines to store,monitor,and process information,rather than using the local computer or a local personal computer.The software is currently facing multiple problems including lack of data protection,data instability,and reliability.This paper aims to give the highest security for multiple user environments in cloud for storing and accessing the data in blocks.The users who are legitimate are only allowed for storing and accessing the data as like a secured block chain approach.As like the Blockchain which does not require a centralized system for transactions,the proposed system is also independent on centralized network interface.The decentralized system is developed in such a way to avoid counterfeiting.The system enables the fabricator to spend less or null resources to perform the validations for its direct operated stores.This ensures the product fabricator to avoid the circulation of its duplicate products.The customer as an end-user is also ensured to have only the genuine products from the fabricator.The Fabricator(F),Merchant(M)and consumer(C)forms an interconnected triangular structure without allowing any counterfeiting agents in their secured cloud chain.The pro-posed approach provides the stability in the security system of the cloud using the chaining mechanism within different blocks at each node.It takes roughly 4.7,6.2,and 7.5 ms,respectively,to register each node in the proposed system for 5,10,and 15 nodes.The overall registration time for each scenario is 11.9,26.2,and 53.1 ms,despite the fact that each node’s registration time was greatest for 10 nodes.By looking at the data,it’s clear that the number of nodes is a func-tion of time.
